Adidas, Miami set to announce 12-year partnership, with significant financial gains for 'Canes

The University of Miami and Adidas will partner for the next 12 years in a deal that has the potential to be the most lucrative in the history of Hurricane athletics.

A person familiar with the contract tells The Associated Press the deal is worth "multiple times" more than Miami's previous arrangement with Nike, which chose not to match Adidas' offer. The person spoke Wednesday night on condition of anonymity because neither side authorized the release of specific dollar amounts.

Miami, as a private institution, is not obligated to reveal the financial specifics.

Regardless, the deal figures to be massive for Miami.

Last year, Adidas and Louisville agreed to a deal worth $7.8 million annually. If the Miami one is similar, that means it could be worth more than $90 million over the life of the contract.